Yunnan Aluminum said Tuesday its board had unanimously approved a joint venture with Israel’s Phinergy and another Chinese firm that will make aluminum batteries, its latest bid to cash in on China’s electric vehicle boom. Aluminum batteries produce electricity from a reaction between oxygen and aluminum. They have been touted as an alternative to lithium-ion batteries as a source of power for electric cars. The venture, whose working name is Yunnan Phinergy Chuang Neng Metal Air Battery Company, “will introduce the world’s leading aluminum-air battery technology, relying on [Yunnan Aluminum’s] green and clean water and aluminum resources,” the statement said. Yunnan Aluminum and Phinergy will each own 32% of the venture, with the remaining 36% in the hands of a company called Shanghai Zuoyong New Energy Technology Company. Based in Lod and headed by CEO and co-founder Aviv Tzidon, Phinergy says it has “developed a revolutionary way to generate electricity using aluminum as an energy source.” (Reuters)

China values Israeli high-tech, but government is laggard

China is still enamored by Israeli innovation skills, but the Israeli government hasn’t done enough to exploit the opportunity, said Yehoshua Gleitman, chairman of the Guangzhuo Israel Biotech Fund. “In China Israel is perceived as the No. 1 source of innovation. They still haven’t caught on to our bluff and we’re being welcomed in China with open arms. They very much want to work with Israel, unlike European countries that have a negative attitude about us,” he told TheMarker’s Economic Opportunities Conference Monday. “Israeli management style is also a success with the Chinese. ... The Israeli character works well with them. Israelis are leading five successful companies in China,” he said. But, he added, five years after signing a key trade agreement with China, Israel’s government hasn’t done enough to implement its terms. “In China, government is everything and its involvement is expected. Here, the government isn’t cooperating enough and isn’t entrepreneurial.” (Hadar Kane)

CyberX raises $18 million for ‘internet of things’ security

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CyberX, whose technology is used to secure the internet of things and industrial control systems, said Tuesday it had raised $18 million in new funding in a round led by Norwest Venture Partners. Previous investors including Glilot Capital Partners and OurCrowd also participated in the round, that brings total funding since the startup was founded in 2013 to $30 million. Based in Massachusetts and started by Omer Schneider and Nir Giller after military service in an Israeli cybersecurity unit, CyberX launched its platform four years ago. Customers include energy, pharmaceutical and chemical companies on six continents. Its platform monitors and eliminates risks in industrial networks that are already embedded in the systems. In addition to continuing its expansion in the U.S. and Europe, the company said it would use the new funding to drive international growth and expand product development, security research and its threat-intelligence teams. (Eliran Rubin)

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